As part of the agreement, which will be finalized following completion of the spin-off of a portion of Bank BPH’s business into Bank Pekao (New BPH), UniCredit will sell a shareholding close to 66%, out of a total of 71.03% of New BPH held by UniCredit.
The deal also envisages the future sale by Cabet Holding, a wholly owned subsidiary of Bank Austria Creditanstalt, to GE Money of the 49.9% shareholding in BPH TFI, the asset management unit of New BPH, that Bank BPH does not already own.
The spin-off of a portion of the business of Bank BPH into Bank Pekao has already received approval from the shareholders of both banks and is subject to approval from the Polish Banking Supervision Commission.
The transaction is expected to close by the end of 2007 following the registration of the spin-off and is subject to all necessary regulatory approvals.
